投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 12 月 17 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 区间震荡 | 短期政策利好驱动有限，资金交 投热情较弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日各股指均震荡下跌。股市全市场成交额 1.75 万亿元，较上日成交额缩量 463 亿元。 近期股市成交量能缩量，主要是因为市场驱动力量表现不足，资金交投热情回落。中央经济工作会议 延续 ...

中证1000ETF（159845）紧密跟踪中证1000指数。中证1000指数由全部A股中剔除中证800指数成分股后，规模 偏小且流动性好的1000只股票组成，综合反映中国A股市场中一批小市值公司的股票价格表现。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入7.26亿元，近十个交易日净流出6.18亿元。最新 规模达457.53亿元，近一个月规模增长9.65亿元。今日盘中成交额3.92亿元，近一周日均成交高达10.79亿元，流 动性较好。 国内方面，11月PMI显示价格景气持续改善，保险新政加力支持长线资金入市。经济方面，11月制造业PMI小幅 回升，价格景气进一步上行。 平安证券表示，当前A股仍处于牛市上行中继阶段，短期或保持区间震荡格局，待12月美联储议息会议以及国内 重要经济会议落地后，市场预期有望进一步明晰。 12月9日上午，A股三大指数走势分化，其中沪指下跌0.11%。截至10:45，中证1000ETF（159845）下跌0.13%。 其他宽基指数中，上证50跌0.37%，沪深300跌0.09%，中证500跌0.26%。 个股表现来看，中证1000ETF前50只权重股中，涨幅靠前 ...

证券研究报告·宏观报告·宏观周报 金融产品周报 20251206 权益 ETF 系列：持续磨底，大级别反攻行情 仍需要保持耐心 [Table_Tag] [Table_Summary] 事件 ◼ 观点：持续磨底，大级别反攻行情仍需要保持耐心。 ◼ 基金配置建议： 2025 年 12 月 06 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《六部委"供需适配政策"精准发力 "新消费"》 2025-12-05 《恒生科技 ETF， 2025 年 11 月复盘 及 12 月展望》 2025-12-02 ◼ A 股市场行情概述：（2025.12.01-2025.12.05） ◼ 主要宽基指数涨跌幅：排名前三名的宽基指数分别为：深证红利 （0.79%），创业板指（0.54%），上证 50（0.28%）；排名后三名的宽 基指数分别为：万得微盘股日频等权指数（-1.20%），科创 50（-0.80%）， 科创综指（-0.75%）。 ◼ 风格指数涨跌幅：排名前三名的风格 ...

报告周期:日度 成文日期: 20251203 研究品种:豆汁 研究员:漆建华(从业资格号:F03099134;投资咨询从业证书号:Z0017731) 豆油期货日报 1 期货市场 1.1 合约行情 图 2 豆油期货各合约日行情数据 | 品种名 称 豆油 豆油 豆油 豆油 | 合约 v2512 y2601 y2603 y2605 | 开盘价 – 8, 288 8, 238 8, 082 | 最高价 - 8, 308 8, 250 8. 124 | 最低价 । 8, 252 8, 196 8, 058 | 收盘价 8, 388 8, 286 8, 228 8, 094 | 前结算 价 8,388 8, 280 8, 218 8, 084 | 结算价 8, 388 8, 278 8, 220 8, 092 | 涨跌 0 ნ 10 10 | 涨跌1 0 -2 2 8 | 成交量 2 161, 570 301, 309 -17, 961 1, 337, 765. 51 876 131.997 490.717 24.128 1,068.137.40 | 持仓量 392 10, 525 | 持仓量 変化 -2 61 | 成交 ...

Core Viewpoint - The current gold price movement is characterized as a consolidation phase rather than a peak, with a significant breakthrough expected in March 2024 [2][3]. Group 1: Current Gold Price Trends - As of December 4, 2023, spot gold is trading around $4,196.77 per ounce, showing a slight decline of 0.23% [1]. - Gold reached a high of $4,210.00 per ounce and a low of $4,194.23 per ounce during the trading session, indicating a short-term sideways movement [1]. Group 2: Market Analysis and Predictions - The recent price action of gold resembles a breakout trend for 2023 and 2024, rather than the bull markets seen in 1980 and 2011 [2]. - After breaking the strong resistance level of $2,000 per ounce in December 2023, gold quickly surged to $2,100 but faced significant selling pressure shortly after [2]. - Experts initially misinterpreted the price movements as a double top pattern, but it was actually a period of consolidation and range trading [2]. Group 3: Economic Indicators Impacting Gold Prices - The latest jobless claims data from the U.S. Labor Department shows a decrease to 191,000, down from 218,000, which supports the resilience of the U.S. labor market [3]. - This positive labor market data has led to rising yields, which in turn limits the upward movement of gold prices, keeping them in a consolidation phase [3]. - The market is currently awaiting PCE data and Federal Reserve decisions, with expectations of maintaining slight fluctuations until a breakout occurs [3].

Market Overview - The market experienced a slight decline with the Shanghai Composite Index down by 0.06%, Shenzhen Component Index up by 0.4%, and ChiNext Index up by 1.01% [6] - Total trading volume across both markets was 1.55 trillion yuan, a decrease of 121 billion yuan compared to the previous day [6] Fund Performance - The three major ETFs from Huabao, tracking the CSI A50, CSI A100, and CSI A500 indices, provided investors with diversified options for bullish positions on China [2][6] - The CSI A100 ETF fund was launched on August 1, 2022, while the CSI A500 ETF from Huabao was launched on December 2, 2024 [2] Institutional Insights - Everbright Securities noted that despite market adjustments, there is no panic, and the current fluctuations are considered normal, with potential for a rebound if favorable news emerges from upcoming significant meetings [2][6] - Wanhe Securities suggested that the market rebound may continue, particularly in the consumer and technology sectors, focusing on integrated circuits and commercial aerospace [2][6] - According to招商证券, the market is likely to break upward after three months of consolidation, indicating a high probability of a year-end rally [2][6] Sector Capital Inflows - The top three sectors for net capital inflows were household appliances (+2.784 billion yuan), machinery (+2.456 billion yuan), and automobiles [6]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 12 月 4 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2512 | 震荡 | 震荡 | 偏强 | 区间震荡 | 政策利好预期发酵 VS 资金了结意 愿上升 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 扫码关注宝城期货官方微信·期货咨询尽在掌握 参考观点：区间震荡 核心逻辑：昨日各股指均震荡小幅回调。沪深京三市全天成交额 16836 亿元，较上日放量 763 亿元。 ...

【中国经济观测点】是由新华财经国家金融信息平台打造，从微观数据见微知著，为市场提供更加具有"颗粒度"的经济观 测和经济画像。本期发布的是2025年11月钢铁市场的产销数据及后市趋势。 11月钢材消费量环比小幅回落 12月钢材终端需求或继续转弱 回顾11月份，国内钢材市场呈现先跌后涨的运行态势。从钢材产量来看，建筑钢材产量快速下降，热轧板卷产量稳中有 升，一定程度上减轻了供给压力，需求端虽受淡季影响但仍显韧性，库存表现持续去化。原料方面，铁矿石尽管基本面边 际转弱，但受到供需结构性矛盾影响，价格表现坚挺。同时，焦煤供应预期从紧张转向宽松，导致价格向下调整。在原料 价格波动加剧且分化的背景下，钢材价格涨跌两难。 对于12月份钢材市场，一方面，受利润收缩及环保政策约束，钢厂产量或延续小幅回落；另一方面，需求端虽面临季节性 走弱，但出口仍对整体需求形成支撑。原料方面，钢厂减产预期虽令成本支撑有所弱化，但冬储需求的存在将限制下行空 间。宏观方面，国内重要会议临近叠加海外降息预期升温，市场情绪偏暖。整体来看，钢价下方有成本支撑，上方受需求 季节性压制，整体或维持区间震荡走势。 高炉钢厂开工率小幅下降电炉开工率先降后升 从 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 11 月 27 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2512 | 震荡 | 震荡 | 偏弱 | 区间震荡 | 短期内资金了结意愿上升 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1/2 请务必阅读文末免责条款 期货研究报告 品种：IF、IH、IC、IM 日内观点：偏弱 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日各股指均冲高回落，全天震荡整理。沪深京三市全天成交额 ...

Group 1: Gold Market Analysis - The gold market is currently experiencing a range-bound trading pattern, with recent movements showing a slight rebound after a dip, indicating a lack of strong directional trends [1][2] - On Thursday, gold reached a high of 4107 but fell back to 4045, suggesting a significant trading range between 4040 and 4150, with traders advised to consider short positions at the upper end and long positions at the lower end [2][3] - The technical analysis indicates that both daily and H4 charts are showing clear signs of range-bound trading, with key support at 4040 and resistance at 4130 [2][3] Group 2: Silver Market Analysis - The international silver market has also entered a period of volatility, with prices fluctuating between 52.5 and 49.5, suggesting a similar range-bound trading strategy [3] - Domestic silver (沪银) has seen a recent drop, with current support at 11500, and traders are encouraged to maintain long positions as long as this support holds [3] - The short-term outlook for silver suggests potential upward movement if it can rebound from current levels, with resistance points identified at 12000 and 12300 [3] Group 3: Oil Market Analysis - The international oil market has not shown significant upward movement, currently trading around 58, with previous recommendations to hold long positions at this support level [4] - Domestic fuel oil has experienced a slight decline but remains stable, with traders advised to monitor for signs of a bottom formation before considering further positions [4]